A year after the launch of its Dar es Salaam chapter, CFO East Africa returned to the financial hub of Tanzania with a renewed focus on leadership and resilience. The CFO Summit: Reflections and Aspirations saw finance leaders convene at the Dar es Salaam Serena hotel to share perspectives on the evolving role of CFOs.
Kicking off the evening was a high-powered panel featuring Vodacom CFO Hilda Bujiku, NMB Bank CFO Juma Kimori, IHS Towers FD Lilian Budandi, and Isaac Lupokela, CFO of Perseus Mining – Nyanzaga Gold Project, which dove into the wins, losses and lessons of the past year.
Hilda opened the discussion with a call for bold investments in innovation, arguing that finance leaders must have the courage to back new ideas, even when the numbers are uncertain.
She also reflected on Vodacom’s push to invest in people and technology, revealing that the company’s decision to drive innovation had paid off.
“Sometimes, the business case might not work, but actually, when we look at it holistically, it’s going to work. It’s about believing in innovation and addressing plans. And at the centre of all this good performance that we’re talking about is the team,” she said.
The telco industry, as Lilian noted, poses unique challenges, which require innovation around supply chain issues and currency volatility.
“We’re not just looking at financial spreadsheets. We have to understand the business to make the right decisions. We have to think of other solutions. Sometimes, you have to negotiate with your suppliers and find creative ways to keep the business running,” she explained.
Sustaining growth
For Isaac, collaboration had proven useful in large-scale projects. He revealed that the company had recently secured a $523 million investment to develop the Nyanzaga Gold Project, a feat he revealed was the result of a joint effort between finance and other business functions.
“The future is exciting because it’s more about executing the agreements and making the project operational. We have been very collaborative in assisting one another. It’s not just about the numbers. It’s about understanding the business and making the right decisions,” he said.
Despite this achievement, Isaac noted, the pressures of operating in a highly regulated environment were still a common pain point for many executives.
“Our proceeds are denominated in USD, but the local content regulations require us to pay our suppliers in local currency. I am also required to contract a Tanzanian-owned company for machinery. The company will probably buy the machinery from a foreign company, which then adds another three to four months to our timelines. That means we have to navigate the volatility of the forex market while ensuring compliance,” he said.
Juma, who spoke about the commitment required for sustained growth, called for a principled approach to strategy execution, noting that the popular decision may not always be the right decision.
“The disciplined execution of whatever we commit to has been a fundamental success factor for us. And you know, as a CFO, sometimes you may even become unpopular, but you have to execute your role, which is strategy. You have to drive that from both sides, from the revenue and cost side,” he said.
Recognising excellence
Tanzanian media personality and MC Taji Liundi then hosted a lively discussion with three judges from the 2025 CFO Awards for East Africa panel, who explained the importance of recognising excellence in finance leadership. The upcoming awards, dubbed the “Oscars of finance”, will take place on 27 November in Nairobi.
As Tanzania Breweries chairperson and judge Leonard Mususa noted, “CFOs play a key role in supporting management, the board and the entire company in delivering the strategy. We praise the CEOs quite a lot. We award CEOs, but I think we forget the people who drive everything in making that success. To have an award that recognises the efforts of the CFOs, and what they do to make a success of any organisation is critical.”
Also present were judges Nelson Rwihula, CEO of Newtan Insurance, and Hanif Jaffer, co-founder of Exim Bank, who touched on the qualities a winning CFO should embody.
“A CFO should be a partner to the business and their CEO. When I was a CFO, I spent 60 percent of my time on my duties, and the remaining 40 percent on external stakeholders,” Nelson said.
Hanif added: “I’m looking for a CFO who understands the business and has contributed to its success. You should also be technically competent and have advanced academically.”
The CFO evolution
After the discussions, PwC Tanzania’s Cletus Kiyuga delivered his partner address, with a focus on the critical role CFOs play in digital transformation.
“Transformation is not an event. A lot more is expected from you, and you're expected to provide leadership, to share insights to the business so that the business can grow,” he said.
He also spoke about the shift in expectations placed on finance leaders, urging them to become strategic advisors rather than mere financial gatekeepers.
“You have to help the business look ahead, not just at the past. You have to anticipate change, manage risk, and find new ways to create value,” he explained.
Absa Bank Tanzania CEO Obedi Laiser then took to the stage in an electrifying keynote address that painted a stark picture of global trends and their impact on East Africa.
He also shared insights of his CFO - CEO journey, arguing that strong leadership was the key to anchoring a business in unpredictable times.
“The question is what can Africa do going forward? Uncertainty will be the norm. The order of the day is how agile and adaptive we will be as leaders so that we can manage and lead our businesses to sustainability," he said.
Making the leap
After a brief session of mingling and enjoying canapés, guests split into two breakout rooms, where they unravelled threads from the panel discussion. The CFO-CEO transition came into sharp focus, with the executives debating how to make the leap.
“I think what is lacking for most CFOs is emotional intelligence. The question then is how to develop those leadership skills,” one CFO said.
“I write my CEO’s report,” another chimed in. “If you’re just a numbers person, then you will never become CEO. The role needs a well-rounded person who understands other business functions. And you don’t have to become the CEO of your current organisation. Your CEO could recommend you for another CEO role.”
They resolved to leverage the power of storytelling to push themselves to the next level of leadership.
“The CFO has an advantage over other C-level leaders in the business because they understand the numbers. Use that advantage. Figure out what value you can add to your CEO’s contributions and show that you understand the business,” a business leader said.
The event was supported by principal partners Absa Bank Tanzania and PwC Tanzania and associate partners GardaWorld Security and Yellow Card.
